polizza fideiussoria / preventiva escussione

English translation: surety policy/excussion

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Explanation:I would have translated as follows the entire sentence:
When a surety policy or bank fidejussion is offered as payment of deposit, this expressly envisages a waiver of any prior benefit of discussion.

Explanation:I would have translated as follows the entire sentence:
When a surety policy or bank fidejussion is offered as payment of deposit, this expressly envisages a waiver of any prior benefit of discussion.